It is tricky to maintain a good record of stock and sales in a bar. This is because some alcohol brands are sold by shots rather than bottles. Maintaining a clean record can either make your bar or can run it to the ground. However, collecting substantial data can assist in regulating your purchases. It will aid in obtaining the correct sales in addition balancing the profits. There are a few pointers that might help to make your work easier in managing a proficient record.
Keeping a detailed spreadsheet of all the stock
How to manage inventory in your bar will solely depend on the consistency of your record keeping. Documenting every purchase and sales is vital in knowing how the business is doing.
Consequently, recording every financial activity in the inventory management software will help you gauge if the bar is generating any profits or not. Without those variable, balancing the books will become impossible. There is no shortcut when it comes to record keeping. It is not just jotting down figures but also calculations have to be done.
Choosing a suitable record keeping method
Depending on what you are selling, grouping them together makes it easy to edit any new occurrences. For instance, all wine brands should be clustered together and so are the rest of the alcohol labels. Beer brands should be listed together in a particular order.
The easiest way is listing them in an alphabetical order. For beer the spreadsheet should have abundant space to be able to detail every sale per ounce. The recording can be done weekly or twice a month so as to minimize the build-up of documentation tasks.
Recording every staff or employee
Obtaining present employees names on various shifts is also a great way to uphold good recording. You will also be able to verify which staff took bottles out of the storage unit. Therefore, you will know how many bottles made it out of the storage area. In the bid to minimize losses you will be able to follow up on broken bottles and wine glasses.
Additionally, formulating a policy regarding the method to be used to intervene during such occurrences will be ideal. In most cases, the employees go an extra mile by saving the bottle tops to account for the broken bottles. Remember accountability in such a setting can be daunting but with consistency it is achievable.
The right way to balance the books
Every enterprise is required to account for the profit and losses it has accumulated over a certain period of time. This information is not only appropriate and helpful to the owner but also relevant to the tax authority.
The correct way to balance book is by ensuring the debit and credit side are in agreement. Therefore, this practice will help identify the profit or loss accrued over a particular period. In the case of a bar calculating the profit will require someone to minus the total sales of beer from the stock purchased. The remaining figure is the profit accrued from the bar sales. Once this part is up to par, the rest of the management is less tenacious.